Ultimately, the goal is to maximize profit margins and return on investment while considering the price that customers are willing to pay. Price represents the price point or price range for the product or service. An organization may also consider complementary products that fit within its suite of product or service offerings. Here, companies focus on features that differentiate it from its competitors. Product refers to a good or service that meets a customer's needs. Often, these elements are dependent on each other. This framework aims to create a comprehensive plan to distinguish a product or service from competitors that creates value for the customer. The four primary elements of a marketing mix are product, price, placement, and promotion. Each element can be examined independently, but in practice, they often are dependent on one another. Depending on the industry and the target of the marketing plan, marketing managers may take various approaches to each of the four Ps. It was published in the book entitled Basic Marketing: A Managerial Approach. The four Ps classification for developing an effective marketing strategy was first introduced in 1960 by marketing professor and author E.
This type of strategy extends beyond a product-focused marketing approach.In addition to the 4 Ps, three approaches can also be integrated that include people, process, and physical evidence to reinforce a consumer-centric type of marketing strategy.The different elements of a marketing mix work in conjunction with one another with the ultimate purpose of generating higher sales.Jerome McCarthy first published it in a book entitled Basic Marketing: A Managerial Approach. This concept traces back to 1960, when marketing professor E.A marketing mix refers to a framework that uses the four Ps of product, price, placement, and promotion.
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